COMMISSIONER OF INCOME TAX Vs. BHARAT HOTELS LIMITED

JUDGEMENT

(1.) This appeal pertains to the Assessment Year ('AY') 2000-2001.

(2.) It is not in dispute that Questions 1 and 2 framed by the Court by the order dated 20th November 2007 are identical to Question Nos.6, 1 and 3 in ITA No.69-73/2001 which have been answered by the judgment dated 24th July 2015. Questions 1 and 2 stand answered accordingly.

(3.) The further question which arises in this year is whether the ITAT was correct in law in allowing deduction of Rs.38,59,046/- being interest expenditure incurred by the Assessee in relation to construction of various hotel projects by treating the same as revenue expenditure.